As the Philippines chairs the Association of Southeast Asian (ASEAN) this year, the Philippine Chamber of Commerce and Industry (PCCI), the largest voice of business in the country, urged leaders in the region to take immediate action in addressing energy, water, and food security concerns across the ASEAN amidst the on-going tensions in the Middle East.
“We need to look at our energy, water, and food security now. We hope our leaders are discussing these concerns at the ASEAN Ministerial Meetings,” PCCI President Perry Ferrer said in an interview.
Ferrer underscored the importance of Member States tackling the impact of the war and come up with a concrete agreement to safeguard supply chains and maintain economic stability, and ensure support to MSMEs while protecting their people.
He said that ASEAN’s young and dynamic population with over 700 million population combined with its MSMEs driven economy must be secured and protected from the rising fuel costs driven by the war in the Middle East.
“As a regional block, we should be united in addressing the crisis. There is a now that we have to deal with,” Ferrer added, stressing that the Philippines is sourcing coal from Indonesia that feeds the baseload of powerplants and refined fuel Singapore, Malaysia, and South Korea
Ferrer said that Philippines should also reach out bilaterally to its trading partners to ensure consistent supply of fuel.
Moreover, Ferrer also said that PCCI is working with government come-up with strategies that would mitigate the impact of fuel hikes. “We are working with the government on where they can subsidize to absorb fuel increases. It’s the fuel that triggers all these. It’s a chain reaction. With the rising fuel cost, the logistics cost also increases,” he added.
Earlier, the PCCI urged Congress to grant President Marcos emergency powers to cushion the impact of price hikes on Filipino households and businesses. It also expressed support to any government measures – whether reducing excise tax, VAT, or other funding sources.
